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Central Bank of Azerbaijan: Banksâ€™ financial position stabilizing

Central Bank of Azerbaijan: Banksâ€™ financial position stabilizing

10 December 2009 16:25 (UTC +04:00)

Baku. Vahab Rzayev - APA-ECONOMICS. Azerbaijan-based commercial banksâ€™ pretax profit grew 16.6% year-on-year during January-September 2009 to AZN 239.3 million, said the Central Bank in a report.

According to the report, 38 banks made profit while 8 operated at a loss during nine months of 2009.

The total loss suffered by banks stood at AZN 9 million as against AZN 12.3 million in the same period last year.

Return on Assets for January-September 2009 stood at 2.9%, compared to 2.8% in the same period last year, and return on equity stood at 19.8% against 21.6% a year ago.

Costs for reserving decreased 44% year on year to AZN 82 million.

In connection with the global financial crisis, most of the reserves were established in the second half of 2008.

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